ISLAMABAD:Following are the highlights of federal budget for fiscal year 2023-24 presented before the National Assembly by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar here on Friday:
-The outlay of the federal budget 2023-24 has been estimated at Rs 14,460 billion
-The revenue collection by the Federal Board of Revenue has been estimated at Rs 9,200 billion out of which Rs 5,276 billion would be share of provinces
-The federal non-tax revenues would be Rs 2,963 billion
-The total income of the federal government would be Rs 6,887 billion
-Rs7,303 billion would be spent on interest payment
-The GDP growth rate has been estimated at 3.5 percent whereas as inflation would remain at around 21 percent approximately
-The budget deficit has been calculated at 6.54 percent whereas primary surplus would be 0.4 percent of GDP
-During the next fiscal year the target of exports has been estimated at $30 billion and the remittances’ target has been set at $33 billion
-Rs 950 billion have been earmarked for Public Sector Development Programme for the upcoming fiscal year
-In addition around Rs 200 billion additional amount would become part of development budget through Public Private Partnership
-Rs1,804 billion have been earmarked for Defence and Rs 714 billion for Civil administration
-Government set aside Rs 761 billion for Pension
-The government would provide subsidy of Rs1,074 billion for electricity, gas and other sectors
-The government allocated Rs 1,464 billion grant from Azad Kashmir, Gilgit Balitstan, merged districts of Khyber Pakhtunkhwa, BISP, HEC, Railways and other departments.
-The government would issue Working Journalist Health Insurance Card and Artist Health Insurance Card
-In addition, funds would be provided for welfare minorities, sports persons and students
-Pension fund would be created to fulfill liability and expenditures of pensions in future
-Total outlay of the PSDP for the fiscal year 2022-23 is Rs 2.709 trillion, which is only 2.6 percent of GDP.
– The share of the federal PSDP is Rs 1,150 billion while that of the provincial PSDP is Rs 1.559 trillion.
-Focus would be on project that are near completion so that these are completed by June 2024
-52 percent of PSDP has been earmarked for building modern infrastructure to attract foreign direct investment